ADV 206 Lecture Notes - Lecture 3: American Marketing Association, Brand Equity, Brand Management
Document Summary
What is marketing: american marketing association definition of marketing: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large: chartered institute of marketing (cimu) [united kingdom]: Marketing is the management process for identifying, anticipating and satisfying customer requirements profitably. 1950"s-1960"s: the make it and sell it period, coming out of depression and wwii, baby boom in us, brought homogenization of culture, taste, products and services, america became one. Constantly lowering prices killed promotion budgets that killed advertising which killed brand equity and weakened many brands. E. g. cheese, l"eggs pantyhose: the era of reengineering, closing plants, layoffs, reducing overheads, outsourcing, marketing pushed to background, the explosive growth of walmart, emergence of china (and others) as a major global manufacturer. Wal-mart corporation; combined are worth at least billion. Who has the power in this relationship: 1842-1980: manufacturer: make/sell what we want.
